Case Study: NORMA Holding - On the way to risk resilience with CRISAM® GRC

In brief

Case Study: NORMA Holding, a renowned company in the manufacturing industry, on the path to risk resilience with CRISAM® GRC.

NORMA Holding, a renowned company in the manufacturing industry, was faced with the challenge of implementing an effective risk management system that fulfils the requirements of the IDW PS 340 nF standard. The choice fell on the CRISAM® GRC software.

The company manufactures a wide range of innovative connection solutions in three product categories (fastening clamps, connecting elements and fluid systems) and is a leading provider of system solutions. Quality awareness and technological excellence have earned NORMA Group the trust of more than 10,000 customers in 100 countries.

Initial situation

Before the introduction of CRISAM® GRC, risk management at NORMA was fragmented and inefficient. There was no standardised view of risks and compliance requirements were not systematically recorded.

Objectives of the implementation

The main objectives of the implementation were:

Establishment of a centralised risk management system
Fulfilment of the requirements of the IDW PS 340 nF standard
Improving the transparency and management of risks

Solution

CRISAM® GRC offered a comprehensive platform that covers all aspects of risk management and helps to fulfil the requirements of the IDW PS 340 nF standard. The software supports the identification, assessment, management and monitoring of risks and offers a method-based approach.

Implementation process

CRISAM® GRC was implemented in several phases:

Preparation: Analysing the existing risk management processes and defining the requirements.
Configuration: Customisation of the CRISAM® GRC software to the specific needs of NORMA Holding.
Training: Intensive training for employees to ensure acceptance and effective use of the software.
Rollout: Gradual introduction of the software in the various company divisions.
Optimisation: Continuous improvement and adaptation of the software to changing requirements.

Results

The implementation of CRISAM® GRC led to significant improvements in risk management at NORMA Holding:

Standardised risk view across the entire company
Fulfilment of the requirements of the IDW PS 340 nF standard
More efficient risk management and monitoring
Improved decision-making thanks to transparent risk information

Conclusion

The introduction of the CRISAM® GRC software at NORMA Holding was a complete success. The company was able to modernise its risk management and comply with the IDW PS 340 nF standard. The flexibility and adaptability of CRISAM® GRC made it possible to establish a future-proof risk management system.

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About IDW PS 340 nF

IDW PS 340 nF is an auditing standard that defines the requirements for the audit of a company’s risk early warning system. It emphasises a company’s obligations with regard to risk-bearing capacity and risk aggregation and makes it clear that the audit of the risk early warning system belongs in the context of the annual audit.

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